The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The physical, engineering, and life sciences market has experienced robust growth in recent years, reflecting a commendable increase from $443.56 billion in 2023 to $472.05 billion in 2024. This growth, with a Compound Annual Growth Rate (CAGR) of 6.4%, is attributable to a multitude of factors shaping the historic period. These include groundbreaking medical discoveries, advancements in health improvement initiatives, mathematical and theoretical developments, environmental awareness, and the exploration of space.

Prospects for the Future: Anticipating Strong Growth

Upward Trajectory: The market is poised for significant expansion, with projections indicating a rise to $624.02 billion in 2028, exhibiting a CAGR of 7.2%. The forecasted growth is driven by key factors such as the integration of AI and machine learning, sustainable engineering solutions, the rise of digital health and telemedicine, the emergence of smart infrastructure and cities, and personalized engineering solutions.

Key Drivers in the Forecast Period:

• AI and Machine Learning Integration: The infusion of artificial intelligence and machine learning is set to revolutionize the industry, offering enhanced capabilities for data analysis, research, and development.
• Sustainable Engineering Solutions: Growing environmental consciousness is leading to a surge in demand for sustainable engineering solutions, fostering a balance between technological advancement and ecological responsibility.
• Digital Health and Telemedicine: The digitalization of healthcare services, coupled with telemedicine, is reshaping the delivery of medical services, ensuring accessibility and efficiency.
• Smart Infrastructure and Cities: The development of smart infrastructure and cities is gaining momentum, incorporating advanced technologies for better urban living and resource management.
• Personalized Engineering Solutions: Tailoring engineering solutions to individual needs is becoming a prominent trend, offering customized approaches for diverse applications.

Major Trends Shaping the Future:

• Nanotechnology Integration: The convergence of physical, engineering, and life sciences with nanotechnology is a prevailing trend, unlocking new possibilities for medical advancements and material sciences.
• Bioinformatics and Data Analysis: Harnessing the power of data through bioinformatics is a crucial trend, facilitating comprehensive analysis and insights in life sciences.
• Sustainability and Environmental Impact: Industry focus on sustainability and minimizing environmental impact is reshaping practices, aligning with global conservation efforts.
• Immunotherapy and Biopharmaceuticals: Advancements in immunotherapy and biopharmaceuticals are contributing to personalized medicine and enhanced treatment modalities.
• Industry 4.0 and Automation: The fourth industrial revolution, marked by Industry 4.0 and automation, is revolutionizing manufacturing processes and operational efficiency.

Digital Revolution in Life Sciences: A Transformative Force

Influence of Technology Giants: Digital transformation, spearheaded by tech giants like Microsoft, Cisco, IBM, Amazon, and Google, is reshaping the life science industry. These firms are driving the re-imagination of life sciences, with mobile computing playing a crucial role in digitizing health interventions and therapies.

Growth Catalysts: Digital transformation aids effective decision-making in existing businesses and positions organizations for future challenges, contributing significantly to the growth of the physical, engineering, and life sciences market.

Market Pioneers: Major companies contributing to this transformative journey include IQVIA Holdings Inc., Syneos Health Holdings Inc., Charles River Laboratories International Inc., and PAREXEL International Corporation.

IOT Integration Sparks Innovation

Rise of IoT: The increasing adoption of the Internet of Things (IoT) is a prominent trend in the physical, engineering, and life sciences sector. IoT, with its interconnected devices transmitting data over networks, fuels real-time data analytics, design, and product development.

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Innovation Driver: Industrial IoT is increasingly employed by engineering service providers to enhance production processes, improve energy usage, optimize resource allocation, and manage assets more efficiently.

Regional Influence: India’s IoT industry is expected to reach USD 15 billion by 2020, contributing approximately 5% to the global physical, engineering, and life sciences market.

Strategic Acquisitions: Deloitte’s Capabilities Expansion

Deloitte’s Acquisition: In May 2023, Deloitte made a strategic move by acquiring Optimal Design, a US-based product development firm specializing in product engineering services. This acquisition strengthens Deloitte’s position in product engineering services, particularly in the realms of smart connected products and IoT devices.

Enhanced Offerings: The acquisition aligns with Deloitte’s commitment to driving digital transformation for clients, providing end-to-end solutions from idea conception to physical prototype development.

In-Depth Market Segmentation

The physical, engineering, and life sciences market, covered in this report, is segmented based on:

1. Type: Physical and Engineering Sciences, Life Sciences Services
2. Entities: Organizations, Sole Traders, Partnerships
3. Service Provider: Large Enterprise, Small and Medium Enterprise

Regional Leadership: North America’s Dominance

North America’s Preeminence: In 2023, North America emerged as the largest region in the physical, engineering, and life sciences market, reflecting the region’s innovation and leadership in these dynamic fields.

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The Physical, Engineering, And Life Sciences Global Market Report 2024  provides an overview of the physical, engineering, and life sciences market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The physical, engineering, and life sciences market forecast analyzes physical, engineering, and life sciences market size, physical, engineering, and life sciences market share, leading competitor and their market positions.

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